to me. What you have explained is a strategy to very marginally increase Utah's chances to win the Pac 12 (and I emphasize very marginally since the w/l against BYU isn't going to effect your pac 12 standing).
The better "business" move is to keep BYU on the schedule. Not sure how you could come to a different business conclusion. Can you explain how BYU off the schedule translates into more dollars and cents? I don't think it does and I don't think people are thinking downside protection properly either.